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Kapolei mall developer buys Waikiki hotel

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The developer of a planned regional shopping center in Kapolei has bought a Waikiki hotel.

Florida-based DeBartolo Development LLC, which plans to develop the Ka Makana Alii mall on 67 acres leased from the state Department of Hawaiian Home Lands, announced today that it has bought the 132-room Aqua Waikiki Pearl.

A price was not disclosed.

Formerly known as the Honolulu Prince Hotel, the Waikiki Pearl at 415 Nahua St. between Kuhio Avenue and Ala Wai Boulevard completed a $5 million renovation in 2009 under previous owner Ramsfield Hospitality Finance based in New York.

DeBartolo said its first hotel acquisition in Hawaii enhances its commitment to the local community.

Construction of Ka Makana, which includes two hotels and about 1 million square feet of retail space, is expected to start early next year on a 700,000-square-foot first phase that includes one hotel.

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